Belgian European Conservatives and Reformists group Vice-President Derk Jan Eppink has warned against turning the eurozone into a Belgian-style transfer economy where ‘solidarity became a one-way street.’

Belgian European Conservatives and Reformists group Vice-President Derk Jan Eppink has warned against turning the eurozone into a Belgian-style transfer economy where ‘solidarity became a one-way street.’

Speaking against a number of proposals put forward by French Liberal Sylvie Goulard for ‘stability bonds’, which would mutualise the eurozone’s debt, Mr Eppink said that voters should be given a direct say over their introduction through a series of referenda.

Speaking in the parliament, he said:

“If we follow the road map of Ms Goulard, the EU will be in the same position as Belgium now: a transfer economy whose political foundations are crumbling because solidarity became a one-way street. The rapporteur talks about stability bonds, which bring instability. I call them ‘Goulard bonds’.”

“Why am I against ‘Goulard bonds’? First, mutualisation of debt cannot cure the loss of competitiveness. On the contrary, it is a sleeping pill. Secondly, ‘Goulard bonds’ are the highway to a transfer economy in the eurozone. We need a rule-based eurozone, not a transfer zone. Thirdly, the issue of democracy to which the rapporteur attaches most importance: voters of the eurozone Member States should have the final say on a possible introduction of ‘Goulard bonds’. They should be subject to referenda. And fourthly, I appeal to Ms Goulard and her group to approve the two-pack instead of holding it to ransom for ‘Goulard bonds’. The victim of this blackmail is the eurozone and its much needed fiscal discipline.”